And, there's plenty of blame to go around:
Key quote here is:
Both Republicans and Democrats in Washington ended up "supporting deregulation, even as newly minted but little-understood products like derivatives proliferated."
Add to this our government's inclination (and bad habit) of printing money to try to pay for things. Our balance sheets are getting trashed--plain and simple. The dollar continues to lose value. And, it all comes down to bad policies by our government. Unfortunately, we (the taxpayers) are going to have to pay for this. Great... Sounds like the answer to the question: How to move from a government surplus to a humongous national debt and global economic crisis in eight years, or less.